ITD: Mr. Rau, according to a recent survey by the University of Regensburg, banknotes and coins will soon be obsolete. How do you see it?
Malte Rau: In principle, we welcome this development. Such developments save a lot of resources, in particular because high costs are associated with the production and distribution of banknotes or coins. The end consumer will also only benefit from the advanced digitization process of means of payment – credit cards are not more expensive or complicated to use. One of the main differentiating features is the way the billing is done – i.e. in percent. For many, two percent of the turnover sounds like a higher expenditure than 1,000 euros for a specific expenditure within a company.
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ITD: What influence has the corona pandemic had on the development and use of digital payment solutions in Germany in recent months?
Vegetable: Corona has driven the development extremely. Nowadays, someone is viewed a little critically if they pay with coins at the cash register – after all, bacteria can remain on coins and bills for a long time. Just as intensively as in everyday life, we also feel a deepened degree of digitization in professional life. The credit card is the predominant means of payment here.
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ITD: Which payment options are currently preferred in e-commerce and why?
Vegetable: The huge advantage of credit cards is related to the speed of payment processes. Ecommerce operators get paid instantly while the risk tends to stay with the bank or card issuer. Buyers also receive protection from Visa or Mastercard if certain goods are not delivered. The problem of an annoying payment default cannot arise in the first place.
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ITD: Where do you still see challenges and stumbling blocks?
Vegetable: As of now, I don’t see any real stumbling blocks. Rather, small details on the market can still cause small-scale problems – for example, if you take a closer look at the current payment processes, which are often complicated due to two-factor authentication. However, since this authentication is part of a regulatory transition phase, this process will be over in the medium term. This is only a matter of time and in the process solves the much larger problem of security and fraud risks.
This is an article from our print edition 1-2/2022. Order a free trial subscription.
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ITD: Why do you think 2022 will be a landmark decision year for e-commerce?
Vegetable: Because Covid-19 has not created a temporary trend in digital commerce, but rather a long-term development. We will see an even stronger focus on e-commerce in the future. The fact that the industry will continue to grow extremely strongly is therefore only the logical consequence.
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